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Venezuela Weighs OPEC Exit as US Ties Strengthen, ING Says

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The Organization of the Petroleum Exporting Countries faces the possible exit of Venezuela from the group following the UAE's departure earlier this year, ING analysts noted on Friday.

According to ING analysts, Venezuela is actively considering leaving the cartel as bilateral relations with the US improve following the ousting of Nicolas Maduro at the start of the year.

"Venezuela entertaining the idea should not be too surprising, given that the US has taken control of Venezuelan oil sales," ING added.

While a potential departure would dilute OPEC's collective leverage over global oil markets, ING said that the group will retain a substantial market share, particularly when factoring in the broader OPEC+ alliance.

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